Where would you like to sign in?

New Life Scientific and Biorigen Srl Announce Strategic Alliance Agreement

FREEHOLD, NJ -- (MARKET WIRE) -- May 3, 2006 -- New Life Scientific, Inc (OTC BB: NWLS) today
announced that it has entered into a strategic alliance with Biorigen Srl,
(Genoa, Italy), a Biotech Company with certain intellectual properties and
Centro Biotecnologie Avanzate (Genoa, Italy) to pursue development of a
series of research projects, the first one being the project of "Bone
Repair by Tissue Engineering" that is using novel biotechnology. Under the
agreement, NWLS and Biorigen are to establish a joint venture, which
obtains global rights with Biorigen Srl retaining rights for the European
Union and countries of the Mediterranean Basin and Middle East.

The new technology is intended to treat large bone defects, due to either
pathologies or trauma and can also be used for modeling of bone in repair
of bone defects. The final goal of the project is the commercialization of
a new bone grafting/modeling technology.

The parties will collaborate in the development of the product, with
Biorigen Srl being responsible for the pre-clinical development and jointly
with NWLS, clinical development, and NWLS being responsible for
registration and marketing of the product in the assigned market
territories.

The development of this innovative and novel proprietary technology is
applicable to long bone grafting and other bone reconstruction, such as in
neurosurgery, maxillo-facial and dental surgery. The technology involves a
novel method of presentation of pluripotent mesenchymal stem cells derived
from either bone marrow aspirate or small biopsies of periosteum and
expanded in culture. This technology extends viability and activity of
mesenchymal stem cells and will result in a more efficient and reproducible
bone healing.

"This is just the first step in a broad application of this technology in
this growing and increasingly important field of modern medicine. We
believe this will generate additional revenues for our company," states
Henry Val, NWLS's Chief Executive Officer. "Our scientific partners
Biorigen and Centro Biotecnologie Avanzate have outstanding records as
leaders in research of tissue bio-engineering and regenerative medicine."

About New Life Scientific, Inc. (OTC BB: NWLS): New Life Scientific, Inc.
was formed with the intent to develop and commercialize novel
biotech/pharmaceutical products including vaccines and stem cell-based
treatment modalities and to expand through our own research,
collaborations, acquisitions and in-licensing. NWLS utilizes its strategic
geographical positioning in Europe to seek undiscovered, emerging and
under-valued biotechnologies in the countries of Eastern Europe, with the
further intent of their commercialization. NWLS recently acquired Novo Life
Scientific (Ukraine), the holder of a cooperation agreement with the
Institute of Molecular Biology and Genetics of the Ukrainian Academy of
Sciences (IMBG). NWLS has also recently acquired PharmaTrials
International (PTI), a provider of services in the areas of clinical
trials, market research and the regulatory approval of products for
pharmaceutical, biotech and medical device companies worldwide. NWLS has
also recently acquired Invamed Pharma, with expertise in development and
commercialization of pharmaceutical/biotech products coming from its own
pipeline of in-licensed and new therapeutic classes as well as
reformulation of existing products using InvaPharm proprietary technology
to improve therapeutic potential of drugs.

Safe Harbor Statements under the Private Securities Litigation Reform Act
of 1965: Those statements contained herein which are not historical are
forward-looking statements, and as such, are subject to risks and
uncertainties that could cause actual operating results to materially
differ from those contained in the forward-looking statements. Such
statements include, but are not limited to, certain delays that are beyond
the company's control, with respect to market acceptance of new
technologies, or product delays in the testing and evaluation of products,
and other risks, as detailed in the company's periodic filings with the
Securities and Exchange Commission.